Question About CC's And Bankruptcy
My wife and I are having financial troubles. Call it what you will.....bad planning, sporadic spending, not making enough money, unexpected baby, unexpected expenses in regards to her stepkids; I could continue to name my excuses, but I'll save that for another day. Because of our financial troubles we have considered bankrunptcy. Then a friend of mine told us that if we just didn't pay our Credit Card bills (which would allow us to catch up on the rest of our bills) then this is what would happen... * Credit card companies would harass us for a while. * We would get threatening letters and phone calls from them. * Because Credit Cards are "unsecure", it would only be on our credit for two years. * Credit card companies know this and will quit hastling us after two years and write off the expense. Could someone confirm that the above statements are true? Or does anyone know a good website that might help me find out if these are true? I would greatly appreciate it.
Answer:
Judging from my experience and the other posters on this board your friend is WRONG. The credit card companies and their collection agencies will hound you much longer than two years. And they will report it on your credit report for 7 years or longer if you don't object. They will call you at home, at work, at your friends house, at your parents house, or anywhere they think will cause you embarrasment. I had a Chase collector call me at work at least 3 times a day for 3 months. He also called my boss (who knew of my situation and told him to fuck off) and several others in my company. I work in a building with 400 other people and he would call anyone in the building and ask them to find me and get me to a telephone. They will charge off your account - usually in less than two years - but they use collection agencies and attorneys to continue the harassment. If you own anything and they find out they could potentially go after it. If you ever want to own anything and sleep at night you should probably talk to an attorney about filing. And don't forget the laws may be changing soon so you may want to start investigating now.
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